Markets build on gains for second day; post first weekly loss in seven

Mumbai: Equity benchmarks were on the mend for the second straight session Friday, riding on a rally in auto counters amid a modest recovery in the rupee.
The BSE Sensex spurted 147.01 points to finish at 38,389.82, while the broader NSE Nifty climbed 52.20 points to 11,589.10.
On a weekly basis, both the Sensex and Nifty halted their six-week winning streak by falling 255.25 points or 0.66 per cent, and 91.40 points or 0.78 per cent, respectively.
Auto stocks zoomed following the government’s decision to exempt electric vehicles (EVs) and automobiles run on alternative fuels from permit requirements.
Hero Motocorp and Bajaj Auto were the top two gainers in the Sensex pack. The rupee was trading higher by 29 paise at 71.70 (intra-day) against the dollar.
The domestic unit had hit a fresh life-time low of 72.11 before settling at 71.99 Thursday.
After a sharp fall of some 880 points over the last few sessions on depreciating rupee and surging crude oil prices, the Sensex has rebounded in the past two days on value-buying. After a higher opening, the BSE Sensex hit a high of 38,421.56 as buying activity intensified towards the fag-end.
It finally closed at 38,389.82, up 147.01 points, or 0.38 per cent. Intra-day, it entered into the negative zone to hit a low of 38,067.22.
The 50-share Nifty went past the 11,600-mark to hit a high of 11,603 before finishing 52.20 points, or 0.45 per cent higher at 11,589.10. Meanwhile, domestic institutional investors (DIIs) continued their buying activity on the bourses.
They bought shares worth a net Rs 611.98 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 455 crore Thursday, provisional data showed. (PTI)